Guwahati: Prime Minister Narendra Modi discussed India’s desire to develop into a significant defence hub while addressing at the massive Aero India 2023 conference in Bengaluru.
The Modi government intends to increase its arm exports to roughly USD 5 billion by 2024–2025 in an effort to create a defence environment that is self-sufficient.
India anticipates concluding defence agreements worth Rs. 750 billion at the five-day Aero India exhibition which takes place every two years. With the help of partnerships, its airlines work to finalise jetliner purchases in order to satisfy domestic demand. They also pressure foreign aircraft manufacturers to increase local production.
India is currently one of the world’s top importers of weapons, so the move to make it a defence exporter is timely.
As New Delhi leverages massive imports to entice investment in its domestic industry, its export aspirations are an indication of its expanding influence.
Hindustan Aeronautics (HAL) Dhruv helicopters and BrahMos Aerospace supersonic cruise missiles from India have previously been exported to the Philippines, Mauritius and Ecuador. Malaysia has also been presented with a Tejas light fighter jet by HAL.
In his remarks at the air show on Sunday, Prime Minister Modi reaffirmed the commitment of his administration to increase defence exports by more than 200 percent over the following three years.
Modi said, “From about USD 1.5 billion in 2021-21, India targets to export USD 5 billion worth of military hardware by 2025.”
“India has changed its laws to facilitate investments in the defence sector, making it a “reliable defence partner,” he added.
According to the prime minister, India has revitalised its defence sector in the last 8 to 9 years despite market challenges.
“You also know that defence is such an area in which technology, market and business are considered the most complicated. Despite this, India has rejuvenated its defence sector within the last 8-9 years. Therefore, we consider this to be just a start,” he said.